Deutsche Bank Involvement with the Latest in Jho Taek Low Case
New reports have come to light regarding Mr Jho Taek Low, who is a Malaysian businessman and international fugitive sought by the authorities in the US, Singapore, and Malaysia in connection with the 1MDB scandal.
Seemingly, in June 2015, Deutsche Bank transferred almost EUR €6 million, for the purchase of a property, which fulfilled the required investment for the Cypriot investment programme to gain a Cyprus passport accordingly.
According to a leaked transaction record that sources say are legitimate, the payment was executed from a Swiss branch of Falcon Bank (Abu Dhabi owned) to the Bank of Cyprus. The transfer in question occurred several months after claims became public that Low facilitated to defraud vast sums from Malaysia's 1MDB state investment fund. The businessman, who is currently under US criminal indictment, has always denied his involvement in any illicit activities.
According to the report, the German lender acted as a correspondent bank and processed the cross-border transfer of funds. Deutsche Bank is one of the world's most prominent processors of cross-border and international payments. In 2019, it pulled out of several EU countries, including Cyprus, as a result of the risks involved.
Jho Low is wanted by authorities for money laundering and criminal breach of trust. He is also listed as a wanted person under Interpol's red notice although he has consistently denied any wrongdoing.
Last year, reports surfaced that he had obtained a Cypriot passport following intervention on his behalf by Chrysostomos II, the incumbent Archbishop and head of the Orthodox Church in Cyprus. Low's location remains unknown although authorities stated that the businessman’s last known address was traced to Wuhan, China.
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